When you reconcile your bank accounts, all you’re doing is comparing each transaction from your bank statement with the ones you have in your books. A bank reconciliation helps you do just that. Once you’ve got a bookkeeping system and a bank account in place, you need some way of making sure the information in both of those systems lines up. Ask your bank whether they offer business chequing accounts tailored to nonprofits. Make sure all of your nonprofit’s transactions go through a dedicated bank account. Open a separate bank accountĭon’t use your personal bank account to receive, hold or disburse money for your nonprofit. Large nonprofits like universities, for example, will sometimes have thousands of accounts-endowments, scholarships, capital projects funds, and operating funds-that have very different rules about how they’re supposed to be spent. This is important because nonprofits often have very specific rules around different funding sources. This means instead of piling your money into one big “cash” account, you’ll need to distinguish between and track separate buckets of money. The solution you decide on should also allow you to do some form of fund accounting. Keep track of petty cash transactions, accounts receivable, accounts payable and payroll payouts from funds your nonprofit controls or expenditures it makes)
Regardless of which solution you end up using, it must let you do the following: You can get a bookkeeping service with non-profit experience to do all of the inputting and number-crunching for you.You could use an Excel spreadsheet, like the one we’ve prepared for you here.
You could input them into nonprofit-friendly accounting software like Aplos or Nonprofit Treasurer.You can record them in a physical ledger.The first step to setting up any good bookkeeping and accounting system is to begin recording all of your organization’s financial transactions. Find a nonprofit-friendly bookkeeping solution
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